US gold futures dropped below $1,430 an ounce on Tuesday, after the previous day's record high, as easing crude oil prices and a Wall Street rally prompted investors to lock in recent gains. April gold futures settled down $7.30 at $1,427.20 an ounce on the COMEX division of the NYMEX. Ranged from $1,423.60 to $1,437.20 an ounce.
Bullion dragged lower on oil's pullback as Opec considered boosting production for the first time in more than two years, The news sent US stocks rallying more than 1 percent, while the dollar rose against the euro for a second day on renewed euro zone debt worries. Spot gold fell 0.2 percent to $1,427.54 an ounce by 2:30 pm EST (1930 GMT). COMEX May silver ended down 20.7 cents at $35.658 an ounce on profit taking. Ranged from $35.510 to $36.550. Spot silver fell 0.1 percent to $35.80 an ounce, a day after the metal climbed to a 31-year high.
NYMEX April platinum finished down $17.80 at $1,802.60 an ounce, weighed down by a broad decline in commodities. Spot platinum lost 1.1 percent at $1,796.24 an ounce. NYMEX June palladium closed down $3.40 at $786.70 an ounce, tracking platinum. pot palladium dipped 0.3 percent to $783.72.
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